Sheridan Capital Partners and Morgan Stanley Capital Partners (MSCP) have completed a recapitalization of SpendMend, according to a news release.
SpendMend, based in Grand Rapids, Mich., provides tech-enabled solutions intended to optimize the cost cycle. Founded in 1993, the company serves healthcare organizations including hospitals, pharmacies and suppliers.
Through the recapitalization, Morgan Stanley acquires a controlling interest in SpendMend while Sheridan retains a minority ownership stake.
Sheridan, based in Chicago, is healthcare-focused firm that concentrates on the lower middle market. Founded in 2012, the firm prefers to take control positions in healthcare providers and outsourced services as well as consumer health and products companies.
MSCP is the middle-market focused private equity team at Morgan Stanley Investment Management.
Sheridan originally invested in SpendMend in January 2018.
Terms of the recapitalization were not disclosed.